1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15‚ 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
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AC301: Intermediate Accounting II CPA Exam and Qualifications Wendy Roy 10/20/2014 I went and visited a few websites to understand completely California laws for the CPA‚ some of the websites I visited were; California Board of Accountancy‚ CalCPA‚ and This Way to CPA. These websites gave insight to the education standards that California requires before taking the exam. There are many different advantages to becoming a CPA board member‚ some of these advantages are; salary‚ demand‚
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CHAPTER 8 Valuation of Inventories: A Cost-Basis Approach ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Inventory accounts; determining quantities‚ costs‚ and items to be included in inventory; the inventory equation; balance sheet disclosure. Perpetual vs. periodic. Recording of discounts. Inventory errors. Flow assumptions. 10‚ 11 7 12‚ 13‚ 16‚ 18‚ 20 4 5‚ 6‚ 7 Questions 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 8‚ 9 Brief Exercises 1‚ 3 Exercises 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 10 Problems 1‚ 2‚ 3 Concepts for Analysis 1
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ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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Chapter 1 The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical governmental or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governmental entities have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profits
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02 Student: ___________________________________________________________________________ 1. Motivation is an external force on the person that causes him or her to engage in specific behaviours. True False 2. Learned capabilities refer to the skills and knowledge that you have actually acquired. True False 3. Aptitudes are natural talents that help individuals learn specific tasks more quickly and perform them better than other people. True False 4. One person-job matching
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taxes ............................... Income tax expense* ........................................... Net income .......................................................... $1‚240 126 105 35 1‚506 645 258 $ 387 * $645 x 40% = $258 Brief Exercise 4–2 (a) Sales revenue $2‚106 Less: Cost of goods sold (1‚240) Gross profit 866 Less: Selling expenses (126) General and administrative expenses (105) Operating income $ 635 (b) Gain on sale of investments Interest expense Nonoperating income 45 (35)
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would be disclosed as a subsequent event. Part C - Disclose the contingent liability PROBLEM 2 Note that daily rates are: 2010: 12.90 * 8 = 103.20 2011: 13.50 * 8 = 108.00 2012: 14.20 * 8 = 113.60 Liability Expense 2010 10 * 20 * 103.20 = 20‚640 10 * 20 * 103.20 = 20‚640 2011 5 * 20 * 103.20 + 10* 20 * 108 = 31‚920 10 * 20 * 108 + 5 * 20 * (108 - 103.2) = 22‚080 2012 2 * 20 * 108 + 10 * 20 * 113.60 = 27‚040 10 * 20 * 113.6 + 5* 20 * (113.6 - 103.2) + 8 * 20
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Class Review for Test # 1 Multiple Choice Questions 1) What sociological phrase is used to describe "opening a window onto unfamiliar worlds" and "offering a fresh look at familiar worlds"? A) the sociological perspective B) the social imperative C) social integration D) social location 2) To be classified as a society‚ what are the two key qualities a group of people must share? A) a common language and a common religion B) a common culture and a territory C) a territory
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Chapter 1 CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false‚ explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB
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